THE Bureau of Internal Revenue (BIR) on Tuesday said it will not extend the April 15 deadline for filing and payment of annual income tax returns (ITR).
BIR Commissioner Caesar R. Dulay issued Revenue Memorandum Circular No. 46-2021 on Tuesday which emphasized the deadline for ITR filing and payment remains on April 15, following a number of queries from taxpayers and tax practitioners about earlier reports of a possible deadline extension.
As a relief for taxpayers, Mr. Dulay said the BIR will allow the filing of a tentative ITR before the deadline and give them until May 15 to amend the returns without penalties.
If overpayment of taxes will be made on the revised ITRs, taxpayers can either file for a refund, or choose to carry over the overpaid tax as a credit against the tax due for the same tax type in the following period.
He added taxpayers or assigned officers can also use their electronic signatures in filing returns, attachments and other documents needed, which will be considered as actual signatures.
The BIR also allowed taxpayers to file their returns and make payments anywhere, or even outside the area covered by Revenue District Offices where they are registered, without incurring penalties.
Tax practitioners were seeking a deadline extension, amid the ongoing lockdown restrictions and the short period to adjust to the changes brought by Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which will cut corporate income tax and streamline tax incentives.
The law was only signed on March 26 while its implementing rules and regulations are not yet out.
The BIR is aiming to collect P231.57 billion in April, mainly from income tax payments. — Beatrice M. Laforga